What to do if your accountant is retiring

When your accountant announces their retirement, it’s natural to feel a sense of unease. 

For many individuals and businesses, an accountant is more than just a financial professional—they are a trusted advisor who understands the intricacies of your financial affairs. The idea of losing that expertise can be daunting, especially if you’ve relied on them for years to navigate tax deadlines, financial planning and regulatory compliance.  

However, although you might initially be worried about the disruption it will cause, it also presents an opportunity to reassess your needs and secure a new financial partner who can meet them going forward. 

Here’s a step-by-step guide to help you manage this transition smoothly.  

1. Understand the Timeline

The first thing to clarify is your accountant’s retirement timeline. Will they be winding down their practice over the next few months or retiring immediately? 

Some accountants may provide advance notice and work with you during the transition period, while others might already have plans in place to transfer their clients to another accountant. Knowing the timeline will help you plan your next steps accordingly.  

2. Assess Your Needs  

This is a good time to review what you require from an accountant. Are you looking for someone to handle basic bookkeeping and tax returns, or do you need a more comprehensive service, such as financial planning, payroll or business consultancy? 

Understanding your needs will help you find an accountant with the right expertise and services.

3. Research and Compare Options

If your retiring accountant doesn’t have a recommendation or you prefer to explore other options, start researching accountants in your area or those specialising in your industry. Look for professionals with the necessary qualifications, such as being a member of a recognised body like the ICAEW. Compare reviews, fees and services to find someone who aligns with your requirements.  

4. Transfer Your Records  

Once you’ve chosen a new accountant, arrange for your financial records to be transferred. Ensure that all relevant documents—such as tax returns, VAT records and payroll information—are handed over. This will help your new accountant get up to speed quickly.  

5. Notify HMRC and Other Relevant Parties

If your accountant has acted as your agent with HMRC, you’ll need to update this information. Your new accountant will guide you through the process of notifying HMRC and ensuring all authorisations are transferred correctly.  

6. Build a New Relationship  

Finally, invest time in establishing a strong working relationship with your new accountant. Share as much detail as possible about your financial history and future goals to ensure they can offer tailored advice. Regular communication is key to maintaining a smooth and productive partnership.  

Why Warr & Co?

While your accountant’s retirement may feel like the end of an era, it’s also a chance to refine your financial strategy and ensure you’re getting the best possible support. By taking proactive steps, you can minimise disruption and set yourself or your business up for continued success.  

Here at Warr & Co we’ve got decades of experience helping businesses and individuals manage every aspect of their financial life. Through a combination of bespoke financial advice and the latest technology, we provide an accountancy service that’s truly different.

We have offices in Stockport and Manchester, but we also offer remote services across the entire UK, so if you want to find out more about how we can help your business or personal financial situation get in touch with our experienced and friendly team today.